bter 16 - Assignment #8 0 Wynn Sheet Metal reported a net operating loss of $128.000 for financial reporting and tax purposes in 2018. The enacted tax rates 40% Taxable income tax rates, and income taxes paid in Wynn's first four years of operation were as follows: 2015 2016 Taxable Income $74,000 84.000 94,000 74,000 4 2017 40 45 Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss Wynn elects the carryback option 2. Show the lower portion of the 2018 income statement that reports the income tax benefit of the net operating loss. Complete this question by entering your answers in the tabs below ences Required 1 Required 2 Prepare the journal entry to recognize the income tax benefit of the net operating loss. Wynn elects the carryback option. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in thousands and round your answers to I decimal place.) View transaction list Journal entry worksheet 1 Record 2018 Income tax benefit from operating los Note: Enter debits before credits General Journal Deble Credit DONDILOM, UTOLS, all ILUME pala in Wynn's first four years of operation were as follows: Taxable Income $74,000 84,000 94,000 74,eee Tax Rates 30% 2014 2015 2016 2017 30 Income Taxes Paid $22,200 25,200 37,600 33,300 40 45 Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss Wynn elects the carryback option 2. Show the lower portion of the 2018 income statement that reports the income tax benefit of the net operating loss. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Show the lower portion of the 2018 income statement that reports the income tax benefit of the net operating loss. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands and round your answers to 1 decimal place.)